S&P500 Forecast for Wednesday, June 15th, 2022


Theme:

An important trough.


Overview:

We have an important support level that is highlighted in the pre-market and we have a day’s low right around the open. There is a failed attempt to break through support and it looks like we are close to overbought territory. There is a lot of pushback between 10am and noonish. There is a lot of volatility here because there is a beginning of a decline around 10:45ish. Then a rally picks up steam between roughly 11am and noon. We attempt to establish support around midday. There is a trade opportunity in the midst of that and sideways rotation. There is a lot of volatility and selling from near overbought terrioterritoryty between roughly 1pm to 2ish. There is a big push to meet distant resistance and there is a period of volatility and the sudden move higher doesn’t last long. There is a decline from a crest right around the close and we hit support and move sideways in the post-market. This sideways movement ends with a fast, sudden move higher.


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